Friday, March 12th, 2010

Chapter 13 Bankruptcy: Individuals

Chapter 13 is a repayment bankruptcy.  It is utilized by individuals, and owners of sole proprietorships or other “mom and pop” businesses, not only to obtain a fresh start, but also to retain their assets and reorganize their financial affairs.
For most individuals with debt problems, the major decision is whether to file for protection [...]

Chapter 11 Bankruptcy: Businesses and Individuals

February 24, 2010 by Heather Culp  
Filed under Chapter 11 Bankruptcy, Recent News

Chapter 11 bankruptcy is a reorganization. More businesses than individuals file for Chapter 11; it is an orderly process that allows the debtor time and space to reorganize its financial affairs and repay its creditors some or all of the debt owed.
It is a vehicle through which debtors can reject or cancel certain leases, [...]

Chapter 7 Bankruptcy: Businesses & Individuals

February 22, 2010 by Heather Culp  
Filed under Chapter 7 Bankruptcy, Recent News

The word”bankruptcy” is heard everywhere, from coffee shops to church bazaars and the evening news. It’s clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13.
Chapter 7 is a liquidating bankruptcy.  It is normally utilized to [...]

Epicentre Contractors Turn to Bankruptcy

February 17, 2010 by Heather Culp  
Filed under Bankruptcy, Local News, Recent News

Contracting has always been a tough business. Subcontractors often make payroll and provide supplies and labor to a project months before they are paid by the general contractor or owner.
In the case of Charlotte’s Epicentre, a stop work order strangled cash flow for both the developer and the contractors. We’re still seeing clients whose financial [...]

Foreclosure Prevention Resources

February 11, 2010 by Heather Culp  
Filed under Bankruptcy, Recent News

To supplement our series for Distressed Homeowners, I found some resources to help preserve home ownership, avoid foreclosure, and protect against foreclosure and debt elimination scams.
Before you work with a firm that claims it can help you “rescue” you from foreclosure be sure to familiarize yourself with:

Foreclosure “rescue” and refinance fraud
Fake “government” modification program
Leaseback/rent-to-buy schemes
Bankruptcy [...]

What’s it Cost to File for Bankruptcy?

February 5, 2010 by Heather Culp  
Filed under Bankruptcy

This requires a two-part answer. First, filing fees must be considered. Filing fees are charged by the bankruptcy court and are due upon filing; these fees help fund the bankruptcy court system. The filing fee for a Chapter 7 bankruptcy is $299.00; for Chapter 13, $274.00; and for Chapter 11, $1039.00. Second, if you [...]

Bankruptcy and Divorce

All too often money problems lead to divorce, and visa versa. Be sure to include a competent bankruptcy attorney on your legal team alongside your family law counsel.

Mortgage Modification Mixups

January 26, 2010 by Heather Culp  
Filed under Bankruptcy Counseling, Recent News

My law partner, Rick Mitchell, and I are disgusted by the false promises and abysmal performance of the nation’s mortgage lenders who claim to be participating in the “Making Homes Affordable” program.  Homeowners were lured into this program with the expectation that they would get an answer within the “modification period” (usually 3-6 months) and [...]

Bankruptcy 101: What Every Lawyer Needs to Know About Bankruptcy

January 20, 2010 by Heather Culp  
Filed under Bankruptcy, Recent News

In this economy, most attorneys — no matter what their practice area — have established relationships with clients who are now either in financial difficulty, or are affected by someone else’s financial difficulties. Divorce attorneys, personal injury attorneys, real estate attorneys, employment law attorneys, and construction law attorneys are just a few of the [...]

Charlotte Bankruptcy Education for Realtors & Financial Professionals

With bankruptcy filings surging, people are turning to non-bankruptcy  financial professionals  for bankruptcy counseling. These professionals include real estate agents, non-bankruptcy attorneys, financial advisors and others. Then there’s the internet.
It’s human nature to try to help a client, but sometimes the advice given by someone with no bankruptcy training can do the person in financial distress [...]

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